Limitless, a Dubai developer, yesterday announced plans to help create a new town outside Moscow, broadening the Gulf emirate’s international property ambitions from developed economies to the fast-growing emerging markets. Financial Times
Limitless and RDI Group of Moscow, its joint-venture partner, will develop a town for 14,000 residents near Moscow’s Sheremetyevo airport. Imad Benharouga, director of corporate strategy, says Russia is one of the company’s strategic markets and it sees strong economic growth there translating into long-term prospects for property development.
This is Limitless’s second attempt to break into the Russian property market. It pulled out of the $11bn (€7.5bn, £5.6bn) Great Domodedevo project in Moscow last year. The Dubai group says it has 'every confidence' that this smaller residential development will go ahead.